As part of its Capital Markets Union initiative, the Commission has committed to reviewing the current body of EU financial services legislation, following an intensive period of lawmaking in the wake of the financial crisis. Given the interactions between the different pieces of legislation, the review is designed to assess the coherence of EU financial services legislation and identify if there are inconsistencies, gaps and unnecessary regulatory burdens. This review is also part of the Commission’s better regulation agenda.
Following our contributions to the Capital Markets Union Green Paper in 2015 and the recent contribution to the consultation on the European Venture Capital funds (EuVECA) regulation, the Channel Islands have has contributed to this call for evidence. The response was submitted by CIBO on behalf of the Guernsey and Jersey governments and with input from the two financial regulators (GFSC and JFSC). It provides insights on barriers to third country investment – direct and indirect – in the current body of EU financial services legislation, and demonstrates through examples how modifications to existing legislation could help increase the flow of investment into the EU in support of the jobs and growth agenda.
Our contribution is available here